By Sandy Pramuji
SINGAPORE – Han Delong, a former employee of UOB and OCBC, has been issued 15-year prohibition orders (POs) by the Monetary Authority of Singapore (MAS) for fraudulent and dishonest conduct.
In a statement on Wednesday (7 December), the MAS said the POs took effect immediately. Under the orders, Han is prohibited from providing any financial advisory service, and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any financial advisory firm under the Financial Advisers Act 2001.
He is also prohibited from performing any regulated activity and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any capital markets services firm under the Securities and Futures Act 2001.
These POs follow his conviction for criminal breach of trust, cheating, forgery, and transferring and converting benefits of his criminal conduct, the MAS said.
Han, a former senior personal banker at UOB (August 2014 to December 2015) and OCBC (March 2016 to January 2017), was sentenced to seven years' imprisonment after being convicted by the State Courts of 27 charges – they are five counts of criminal breach of trust, seven counts of cheating, one count of forgery with the intent to cheat under the Penal Code, and 14 counts of transferring property which are benefits from criminal conduct under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act. Another 67 charges were taken into consideration for the purposes of sentencing.
Han 'deceived' customers
MAS noted that between February 2015 and April 2018, Han "deceived seven customers into transferring $1,969,000 to his personal bank accounts, by promoting fictitious fixed deposits and other investment products to the customers".
"He forged bank documents to give the impression that the transactions were genuine. Mr Han used the monies cheated from the victims for his own benefit, including transferring some to his brother and former girlfriend, and repaying other victims," MAS added. "These offences took place while Mr Han was employed as a representative for UOB and OCBC and even after he left the employment of both banks."
"These convictions gave MAS reason to believe that Mr Han had not performed and will not perform financial advisory services honestly. While Mr Han is no longer an appointed representative in Singapore, the POs were issued against him to safeguard the integrity of and trust in Singapore's financial sector," MAS said.